Freakonomics recently did a broadcast (you can find it here) giving a surprising explanation as to why the U.S. unemployment rate is so high.
To quote them:
So it appears that, while returns to education remain strong, there are far too many highly educated workers for the available jobs. We also make note in the podcast of a new paper by Hal Salzman, Daniel Kuehn, and B. Lindsay Lowell which argues that, for all the hand-wringing about the U.S.’s inability to educate (or import) a sufficient number of STEM workers, there is in fact no shortage of such workers and that only half of U.S. STEM graduates end up with a STEM (Science,Technology, Engineering, Maths) job.
What do you think? I know this topic of conversation has been widely discussed in our house! Do you think there are too many highly educated workers?
2 thoughts on “Monday’s Food for Thought: It’s Crowded at the Top”
I agree. First people were looked down on for not going to college, so more people went. Then it was hard to find a job with just a bachelors so more went on to masters. Then PhD. Then the economic crises happened, with all the lay-offs and so few job openings, why would companies hire someone with a bachelors for a position when people with PhDs were applying for it, and it trickled down that way. I know so many over educated people working at unskilled jobs, or not at all. It’s very disheartening to get the education you need for your dream job only to end up doing something high school drop outs can do.
I agree as well. Now that my husband has a professional job that is pretty much able to support us, I almost feel bad looking for a professional job for myself because there are so many families where not even one spouse is able to find a good job.